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Daily Archives: 07/12/2026

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Risk of reclassification of Data Tokens as securities. Switzerland (FINMA) and Liechtenstein (TVTG)

https://scoregex.streamlit.app Swiss FINMA classifies tokens into three categories: payment tokens, utility tokens, and asset tokens. A utility Data Token that does not grant rights to a financial underlying is a utility token not subject to the Stock Exchange Act (LBVM). Switzerland has historically been favorable to blockchain innovation (Crypto Valley). Liechtenstein, with the Token and…

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The Super-Cycle of Energy Transition and AI Metals

1. Demand Megatrends FTSE Russell identifies two megatrends: AI and the energy transition. We quantify them as follows: A. AI Infrastructure: The five hyperscalers (Amazon, Microsoft, Google, Meta, Apple) invested $320 billion in H1 2026, in line with an annual projection of $650 billion. Each 100 MW data center requires approximately 30,000 tons of…

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